What is a Missouri Consumer Credit Lenders Bond?
Consumer Credit Lenders provide a beneficial service to its clients by granting them loans in any amount that are either secured or unsecured so long as the loan will be repaid in four installments in less than 120 days.
This surety bond will help the lenders provide the said services with confidence! It is required of certain consumer credit lenders instead of providing a certificate of
It is required of certain consumer credit lenders instead of providing a certificate of audit.
Licensed consumer credit lenders are obligated to submit an audit every year prepared by a certified public accountant.If the licensed consumer credit lender fails to provide the said certificate of audit, the Missouri Division of Finance will ask the said lender to submit a surety bond.
The surety bond requirement is in compliance with Section 367.215 of the Missouri Revised Statutes.
What is the Consumer Credit Lenders Bond amount?
The bond amount is $100,000.
Those who have excellent credit scores will be eligible to pay for a very low bond premium or just 1% of the bond’s amount!
If you want to find out what you need to pay, GET YOUR FREE QUOTE HERE today!
How can I get a Consumer Credit Lenders Bond?
To secure this type of bond, the licensed consumer credit lender, or those who are renewing their license, must seek the assistance of a surety bond company.
You will be asked to apply for this bond. If you’re ready to apply for one right now, you may easily do so HERE!
Once the application is received, the surety bond company will immediately process it. In our case, one of our expert surety bond agents will guide you through the whole process from the time you applied for the bond. We will make sure that you understand all the conditions before we issue the bond.
An underwriter will then evaluate the following:
- Your financial strength
- Your job/business performance history
- Your credit score
Once the prequalification process is fulfilled, we will execute the bond and send it to you!
What are the bond conditions?
- The surety bond agent or company should be authorized to conduct business in the State of Missouri
- The surety bond will be made payable to the Commissioner of Finance for the State of Missouri
- The licensed consumer credit lender is obligated to comply with the provisions of Section 367.205 – 367.215 of the Missouri Revised Statutes, the rules and regulations of the Missouri Division of Finance, and all the other related rules and regulations
- If the licensed consumer credit lender commits a valid violation, the aggrieved party will be eligible to file a claim on the surety bond
- In case of cancellation, a 60-day notice is required
If you need further information about this surety bond, call us at 800-333-7800!